Prices & Performance

Prices

as of 04/03/20

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$19.56 -$0.54 -2.69% -8.51% -8.51% -26.69%

Performance

 

as of 02/29/20

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QTD1 YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BREIX - Baron Real Estate Fund - I -5.58% -5.58% 15.70% 9.83% 4.88% 13.62% 13.36% 1.06% 1.06%
MSCI USA IMI Extended Real Estate Index -7.31% -7.31% 6.60% 6.52% 6.25% 11.61% 11.49%
MSCI US REIT Index -6.97% -6.97% 2.92% 3.03% 3.58% 9.80% 9.61%
S&P 500 Index -8.27% -8.27% 8.19% 9.87% 9.23% 12.65% 12.37%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

as of 03/31/20

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YTD1 1 Year 3 Years 5 Years 10 Years Since Inception Expense Ratio2
Gross Net
BREIX - Baron Real Estate Fund - I -19.86% -2.81% 3.25% 1.27% 10.98% 11.44% 1.06% 1.06%
MSCI USA IMI Extended Real Estate Index -28.79% -19.91% -2.59% 0.57% 7.85% 8.56%
MSCI US REIT Index -27.24% -21.96% -4.25% -1.70% 6.12% 6.94%
S&P 500 Index -19.60% -6.98% 5.10% 6.73% 10.53% 10.82%

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

1Not annualized.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

Expense ratios are as of the fiscal year ended 12/31/2017

as of 03/31/20

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2019 44.44% 30.21% 24.33% 31.49%
2018 -22.04% -10.73% -5.83% -4.38%
2017 31.42% 18.04% 3.74% 21.83%
2016 -1.75% 8.24% 7.14% 11.96%
2015 -4.42% 2.27% 1.28% 1.38%
2014 16.93% 17.96% 28.82% 13.69%
2013 27.48% 17.44% 1.26% 32.39%
2012 42.99% 27.00% 16.47% 16.00%
2011 0.80% -2.26% 7.48% 2.11%
2010 26.90% 24.81% 26.98% 15.06%

1Not annualized.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

2Expense ratios are as of the fiscal year ended 9/30/2018

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Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
11/25/2019 11/26/2019 11/27/2019 $0.0000 $0.0000 $0.0000 $3.4131 $3.4131 $25.99
09/26/2019 09/27/2019 09/30/2019 $0.0402 $0.0000 $0.0000 $0.2227 $0.2629 $26.99
11/28/2018 11/29/2018 11/30/2018 $0.0000 $0.0000 $0.0000 $2.0630 $2.0630 $23.26 -22.04%
09/24/2018 09/25/2018 09/26/2018 $0.0715 $0.0000 $0.0000 $0.4374 $0.5089 $27.50 -22.04%
11/27/2017 11/28/2017 11/29/2017 $0.0000 $0.0000 $0.0000 $1.4123 $1.4123 $29.47 31.42%
11/28/2016 11/29/2016 11/30/2016 $0.0000 $0.0662 $0.0000 $0.0000 $0.0662 $23.62 -1.75%
10/05/2016 10/06/2016 10/07/2016 $0.0000 $0.0000 $0.0000 $0.0824 $0.0824 $23.60 -1.75%
12/02/2015 12/03/2015 12/04/2015 $0.0000 $0.0000 $0.0000 $0.4583 $0.4583 $24.83 -4.42%
09/23/2015 09/24/2015 09/25/2015 $0.0109 $0.0000 $0.0000 $0.0106 $0.0215 $24.54 -4.42%
12/01/2014 12/02/2014 12/03/2014 $0.0848 $0.0000 $0.0000 $0.0000 $0.0848 $25.67 16.93%
12/18/2013 12/19/2013 12/20/2013 $0.0000 $0.0320 $0.0000 $0.0000 $0.0320 $21.79 27.48%
09/25/2013 09/26/2013 09/27/2013 $0.0024 $0.0000 $0.0056 $0.0148 $0.0228 $20.64 27.48%
11/28/2012 11/29/2012 11/30/2012 $0.0000 $0.0000 $0.1930 $0.1130 $0.3060 $16.92 42.99%
11/28/2011 11/29/2011 11/30/2011 $0.0000 $0.0000 $0.0000 $0.0920 $0.0920 $11.57 0.80%
09/07/2011 09/08/2011 09/09/2011 $0.0060 $0.0000 $0.1110 $0.0060 $0.1230 $11.79 0.80%

as of 01/31/20

Yields — SCT Shares | BREIX  
Unsubsidized SEC 30-Day Yield 0.10%
Subsidized SEC 30-Day Yield 0.10%
Distribution Yield 0.15%

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.

SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.

Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Performance Characteristics

as of 12/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 15.53 15.82 16.31
Sharpe Ratio 0.79 0.36 0.84
Alpha (%) 0.80 -2.79 1.15
Beta 1.20 1.17 1.05
R-Squared (%) 86.33 83.43 85.11
Tracking Error (%) 6.21 6.76 6.34
Information Ratio 0.46 -0.28 0.27
Upside Capture (%) 120.15 103.65 106.91
Downside Capture (%) 115.37 120.23 101.61

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREIX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $19.56
Daily Change ($) -$0.54
Daily Change (%) -2.69%
MTD -8.51%
QTD -8.51%
YTD -26.69%
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BREIX - Baron Real Estate Fund - I MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
QTD1 -5.58% -7.31% -6.97% -8.27%
YTD1 -5.58% -7.31% -6.97% -8.27%
1 Year 15.70% 6.60% 2.92% 8.19%
3 Years 9.83% 6.52% 3.03% 9.87%
5 Years 4.88% 6.25% 3.58% 9.23%
10 Years 13.62% 11.61% 9.80% 12.65%
Since Inception 13.36% 11.49% 9.61% 12.37%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 1.06%

*As of 02/29/20

*Annualized as of 03/31/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

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BREIX - Baron Real Estate Fund - I MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
YTD1 -19.86% -28.79% -27.24% -19.60%
1 Year -2.81% -19.91% -21.96% -6.98%
3 Years 3.25% -2.59% -4.25% 5.10%
5 Years 1.27% 0.57% -1.70% 6.73%
10 Years 10.98% 7.85% 6.12% 10.53%
Since Inception 11.44% 8.56% 6.94% 10.82%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 1.06%

*As of 03/31/20

*Annualized as of 03/31/20

1Not annualized.

2Expense ratios are as of the fiscal year ended 9/30/2018

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

as of 12/31/19

3 Years 5 Years 10 Years
Standard Deviation (%) 15.53 15.82 16.31
Sharpe Ratio 0.79 0.36 0.84
Alpha (%) 0.80 -2.79 1.15
Beta 1.20 1.17 1.05
R-Squared (%) 86.33 83.43 85.11
Tracking Error (%) 6.21 6.76 6.34
Information Ratio 0.46 -0.28 0.27
Upside Capture (%) 120.15 103.65 106.91
Downside Capture (%) 115.37 120.23 101.61

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREIX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 03/31/20

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2019 44.44% 30.21% 24.33% 31.49%
2018 -22.04% -10.73% -5.83% -4.38%
2017 31.42% 18.04% 3.74% 21.83%
2016 -1.75% 8.24% 7.14% 11.96%
2015 -4.42% 2.27% 1.28% 1.38%
2014 16.93% 17.96% 28.82% 13.69%
2013 27.48% 17.44% 1.26% 32.39%
2012 42.99% 27.00% 16.47% 16.00%
2011 0.80% -2.26% 7.48% 2.11%
2010 26.90% 24.81% 26.98% 15.06%

1Not annualized.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser reimburses certain Baron Fund expenses pursuant to a contract expiring on August 29, 2030, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON.

2Expense ratios are as of the fiscal year ended 9/30/2018

Select Year
Record Date 11/25/2019 09/26/2019 11/28/2018 09/24/2018 11/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 12/18/2013 09/25/2013 11/28/2012 11/28/2011 09/07/2011
Ex Date 11/26/2019 09/27/2019 11/29/2018 09/25/2018 11/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 12/19/2013 09/26/2013 11/29/2012 11/29/2011 09/08/2011
Payable Date 11/27/2019 09/30/2019 11/30/2018 09/26/2018 11/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 12/20/2013 09/27/2013 11/30/2012 11/30/2011 09/09/2011
Income $0.0000 $0.0402 $0.0000 $0.0715 $0.0000 $0.0000 $0.0000 $0.0000 $0.0109 $0.0848 $0.0000 $0.0024 $0.0000 $0.0000 $0.0060
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0662 $0.0000 $0.0000 $0.0000 $0.0000 $0.0320 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0056 $0.1930 $0.0000 $0.1110
Long-Term Capital Gain $3.4131 $0.2227 $2.0630 $0.4374 $1.4123 $0.0000 $0.0824 $0.4583 $0.0106 $0.0000 $0.0000 $0.0148 $0.1130 $0.0920 $0.0060
Total $3.4131 $0.2629 $2.0630 $0.5089 $1.4123 $0.0662 $0.0824 $0.4583 $0.0215 $0.0848 $0.0320 $0.0228 $0.3060 $0.0920 $0.1230
Re-Invest NAV $25.99 $26.99 $23.26 $27.50 $29.47 $23.62 $23.60 $24.83 $24.54 $25.67 $21.79 $20.64 $16.92 $11.57 $11.79
Calendar-Yr Return -22.04% -22.04% 31.42% -1.75% -1.75% -4.42% -4.42% 16.93% 27.48% 27.48% 42.99% 0.80% 0.80%

as of 01/31/20

Yields — SCT Shares | BREIX  
Unsubsidized SEC 30-Day Yield 0.10%
Subsidized SEC 30-Day Yield 0.10%
Distribution Yield 0.15%

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.

SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.

Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Portfolio Characteristics

 

as of 12/31/19

Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index
Net Assets$620.31 million
# of Equity Securities / % of Net Assets43 / 98.6%
Turnover (3 Year Average)51.49%
Active Share77.4%
Median Market Cap$12.43 billion$2.58 billion
Weighted Average Market Cap$24.10 billion$47.76 billion
EPS Growth (3-5 year forecast)11.9%8.7%
Price/Earnings Ratio (trailing 12-month)25.224.9
Price/Book Ratio2.62.2
Price/Sales Ratio1.82.3
Current Expense Ratio Date12/31/2018

The Net Assets include all share classes combined.

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

Holdings

as of 02/29/20

Open All Close All Holding Sector % of Net Assets

GDS Holdings Limited

GDS Holdings Limited (GDS) is a China-based operator of data centers with over 50 data centers, five markets, and approximately 200,000 square meters in service. More than 50% of its revenue comes from  top Chinese internet companies
We believe that as the preferred provider to Alibaba and Tencent, GDS is poised to benefit from the exploding growth in cloud computing in China. Cloud adoption is still in the early stages in China, and GDS is capturing more than its fair share of incremental deployments due to its proven track record and carrier-neutral value proposition.

Information Technology 6.5%

Brookfield Asset Management, Inc.

Brookfield Asset Management, Inc. (BAM) is a leading global alternative asset manager. Brookfield acquired Oaktree Capital Group in September 2019, increasing its asset base to $510 billion. The company focuses on real estate, renewable power, infrastructure, and private equity assets.
Brookfield's underling assets generate high levels of predictable and sustainable cash flows, require minimal capital expenditures, and have significant barriers to entry. We believe growth opportunities include the ability to further scale its asset management business, new development/redevelopment opportunities in Brookfield Property and technology infrastructure assets (data centers, fiber, cell phone towers, smart city sensors), and additional platform acquisitions.

Financials 4.8%

Equinix, Inc.

Equinix, Inc. (EQIX) is a network neutral operator of 200 data centers across 52 metros and 24 countries in North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers.
We believe Equinix continues to benefit from several key long-term secular trends, including growth in internet traffic, IT outsourcing, cloud computing, and mobility. As data and customer needs become more global, Equinix should also benefit from its leading global data center platform with 200 centers in over 50 cities. We believe Equinix can continue to grow through new data center development, rent increases, and the addition of value-added services supplemented by accretive acquisitions that increase market penetration and reach.

Real Estate 4.8%

CBRE Group, Inc.

CBRE Group, Inc. (CBRE) is a leading commercial real estate services company with the leading market share in all of its major businesses.
We believe CBRE will gain meaningfully from the recovery in the commercial real estate industry. Its leasing and investment sales units have high incremental margins, and we believe its profitability will improve with healthier end markets. We also believe the market underappreciates the value associated with CBRE’s property management unit, given its growing, highly recurring revenue stream and open-ended growth prospects. CBRE is also one of the world’s leading managers of real estate assets.

Real Estate 4.7%

Lowe's Companies, Inc.

Lowe's Companies, Inc. (LOW) is the second largest home improvement retailer in the U.S.
Lowe's is undergoing a multi-year turnaround effort with a new and highly capable management team.  Management has a plan in place to grow earnings per share at a mid-teens CAGR over the next several years, driven by modest same-store sales growth, significant margin expansion and material share repurchases.  We expect the valuation multiple may expand if management is able to execute on its objectives.

Consumer Discretionary 4.6%

InterXion Holding N.V.

InterXion Holding N.V. (INXN) is a European provider of cloud and carrier-neutral colocation data center services. It has 55 data centers across 13 cities in 11 countries, 160,000 square meters of equipped space, and 2,000 customers.
With its expansive pan-European footprint, we think InterXion is well positioned to benefit from strong secular tailwinds, as the European market is still in the early stages of cloud adoption and IT outsourcing. InterXion has a sticky customer base with low churn and network effects and 95% recurring revenue. We believe it also benefits from significant barriers to entry, as it takes three to four years to plan, permit, and build a data center.

Information Technology 3.6%

Penn National Gaming, Inc.

Penn National Gaming, Inc. (PENN) is the largest and most diversified regional casino operator, with 42 facilities in 19 jurisdictions post its recent acquisitions. The company has a history of acquiring quality gaming companies at favorable prices that are accretive.
We think Penn is one of the best regional gaming operators, with a strong and experienced management team and the highest gaming-tax adjusted margins in the industry. We think there is much potential to grow through the acquisition of the Tropicana in Las Vegas, the recent closing of the Pinnacle Entertainment acquisition, and the acquisition of Margaritaville and Greektown. Penn should generate substantial synergies from all three deals, and we expect the company to add value for shareholders over time through substantial debt reduction and possible share repurchases.

Consumer Discretionary 3.5%

Vulcan Materials Company

Vulcan Materials Company (VMC) is a leading supplier of aggregates products (crushed stone, sand, and gravel) for the construction industry, used for infrastructure, nonresidential, and residential projects.
In our view, Vulcan is a high-quality company in a high barrier to entry industry. We think the company is poised to grow significantly over the next several years from a continued cyclical recovery across its construction end markets and price increases. Vulcan should also benefit from the recently enacted federal highway bill and associated state spending, which should provide a secular growth tailwind over the next several years, in our view. We believe the valuation is reasonable relative to the quality of the company and growth potential.

Materials 2.9%

American Tower Corp.

American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with more than 170,000 towers in 17 countries on five continents.
Increasing demand for wireless voice and data coverage is driving leasing activity for wireless carriers. Because zoning for new towers is difficult to obtain, leasing on an existing tower (tenant colocation) is typically the best option. American Tower has been expanding internationally, bringing the U.S. tower model to new markets. We expect new tenants and higher colocation activity to drive continued strong organic cash flow growth. In addition, we believe American Tower will continue to acquire tower portfolios opportunistically.

Real Estate 2.7%

Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (ARE) is the largest pure-play landlord and developer for the life sciences industry. The company designs and improves space for lease to pharmaceutical, biotech, and life sciences companies, scientific research institutions, universities, and government institutions.
In our opinion, Alexandria Real Estate is positioned to benefit from the aging U.S. population, ongoing health care needs, new drugs, and more capital infusions into biotech and health care. Core portfolio growth is driven by a mark-to-market growth opportunity, annual rent bumps, and occupancy gains. We think Alexandria has the potential to double in size by building out its development, redevelopment, and land holding pipeline.

Real Estate 2.6%

Total

40.7%

Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.

as of 12/31/19

Name Sector % of Net Assets

CBRE Group, Inc.

Real Estate 7.1%

GDS Holdings Limited - ADR

Information Technology 5.2%

Equinix, Inc.

Real Estate 4.9%

MGM Resorts International

Consumer Discretionary 4.7%

Interxion Holding N.V.

Information Technology 4.5%

Brookfield Asset Management, Inc.

Financials 4.4%

Lowe's Companies, Inc.

Consumer Discretionary 3.9%

Royal Caribbean Cruises Ltd.

Consumer Discretionary 3.5%

Masco Corporation

Industrials 3.4%

Norwegian Cruise Line Holdings, Ltd.

Consumer Discretionary 3.4%

Penn National Gaming, Inc.

Consumer Discretionary 2.9%

Boyd Gaming Corporation

Consumer Discretionary 2.9%

Jones Lang LaSalle Incorporated

Real Estate 2.8%

D.R. Horton, Inc.

Consumer Discretionary 2.7%

Wynn Resorts Ltd.

Consumer Discretionary 2.6%

Alexandria Real Estate Equities, Inc.

Real Estate 2.6%

American Tower Corp.

Real Estate 2.5%

Invitation Homes, Inc.

Real Estate 2.2%

Hudson Pacific Properties, Inc.

Real Estate 2.1%

Vulcan Materials Company

Materials 2.1%

Gaming and Leisure Properties, Inc.

Real Estate 2.0%

Marriott Vacations Worldwide Corp.

Consumer Discretionary 2.0%

Prologis, Inc.

Real Estate 2.0%

Installed Building Products, Inc.

Consumer Discretionary 1.9%

Lennar Corporation - Cl A

Consumer Discretionary 1.8%

Americold Realty Trust

Real Estate 1.7%

MGM Growth Properties LLC

Real Estate 1.5%

CoStar Group, Inc.

Industrials 1.5%

Kilroy Realty Corporation

Real Estate 1.4%

Trex Company, Inc.

Industrials 1.4%

SiteOne Landscape Supply, Inc.

Industrials 1.4%

Equity LifeStyle Properties, Inc.

Real Estate 1.3%

Zillow Group, Inc. - Cl. C

Communication Services 1.3%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.2%

Forestar Group Inc.

Real Estate 1.0%

The Sherwin-Williams Company

Materials 1.0%

Douglas Emmett, Inc.

Real Estate 1.0%

Owens Corning

Industrials 0.9%

Hyatt Hotels Corp.

Consumer Discretionary 0.6%

Pool Corporation

Consumer Discretionary 0.5%

Home Depot, Inc.

Consumer Discretionary 0.5%

SBA Communications Corp.

Real Estate 0.2%

Hilton Worldwide Holdings, Inc.

Consumer Discretionary 0.1%

GICS SECTOR BREAKDOWN

As of 02/29/20

As of 02/29/20

Colors of Sub-Industry bars correspond to the GICS sector chart.

Contributors/Detractors

Quarterly as of 12/31/19

Top Contributors Average Weight Contribution
GDS Holdings Limited 4.83% 1.28%
CBRE Group, Inc. 6.97% 1.01%
MGM Resorts International 4.71% 0.93%
Penn National Gaming, Inc. 2.68% 0.91%
Boyd Gaming Corporation 2.99% 0.76%

Quarterly as of 12/31/19

Top Detractors Average Weight Contribution
Americold Realty Trust 2.43% -0.13%
Vulcan Materials Company 1.96% -0.10%
Home Depot, Inc. 0.90% -0.06%
Trex Company, Inc. 1.49% -0.03%
SBA Communications Corp. 0.48% -0.01%

Source: FactSet PA.

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Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.

Risks: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets as well as by interest rate fluctuations, credit risk, environmental issues and economic conditions. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The MSCI USA IMI Extended Real Estate Index is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund include reinvestment of interest, capital gains and dividends, which positively impact the performance results. Index performance is not fund performance. Investors cannot invest directly in an index.

Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.

Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). All GICS data is provided “as is” with no warranties.  The Adviser may have reclassified/classified certain securities in or out of a sub-industry.  Such reclassifications are not supported by S&P or MSCI.